Edcon defers $110mln coupon payment

South African retailer Edcon, which Bain Capital took private in a 2007 leveraged buyout deal, has received its lenders’ support to defer a $110 million coupon payment until December in a bid to boost its liquidity. Reuters reports that the clothing retailer’s plan received the support of 80% of its note holders for a 2018 bond. Downward pressure on the South African rand has made Edcon’s ability to pay down its euro and dollar-denominated debt increasingly difficult.